NSP Target Area and Program Income Transfer Updates Webinar
September 26, 2019 | 2:00 PM - 4:00 PM EDT
This webinar covered HUD's release of a Federal Register Notice concerning the Neighborhood Stabilization Program’s (NSP) requirements for Target Areas and Program Income Transfers. Its primary purpose was to hasten the expenditure of remaining grant funds to facilitate closeout of all open NSP grants, given that most originally planned program activities were at or near completion.
The Notice has three elements:
- It enables grantees to re-designate, adjust, or expand their target areas
- It permits grantees to transfer streams of program income, including future streams of program income, from NSP to the CDBG program with a single HUD-approved request
- It also reminds grantees that failure to draw funds from the line of credit for two consecutive fiscal years may result in HUD determining that need for the funds no longer exists, canceling the line of credit, and proceeding to grant closeout.
In identifying new target areas, HUD supports the ability of NSP grantees to use these funds in Opportunity Zones. Created by the 2017 Tax Cut and Jobs Act, the Opportunity Zone tax incentives are designed to stimulate private investment in designated, low-income census tracts and allows individuals and companies to invest equity in real estate projects or in businesses in these communities.
- Learned about changes to target area requirements
- Gained an understanding in the streamlined program income transfer process
- Heard about how changes in the notice will help to expedite closeout for many grantees
Who Should Attend?
This webinar was intended for all NSP1, NSP2, and NSP3 grantees, staff, and partners.
Training Point of Contact
Garrett Lear | email@example.com
Related Materials and Resources
Department of Housing and Urban Development (HUD)